BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Centrum Broking Report
Britannia Industries Ltd.’s Q4 FY22 print was in-line; consolidated revenue/Ebitda/profit after tax increased 15.5%/ 8.8%/4.3% YoY. Despite ~10% price increases, volumes grew at 5%.
Management said, given challenging environment, focus on ‘striving for profitable growth’ aided by solid growth in rural markets driven by distribution, marketing activities and building Tiger Crunch/ Milk Bikis base in Hindi heartland.
That said, thrust on focus states helped widening the gap in market share with Parles’ (up 80 basis points in two years). Modern trade/e-commerce grew faster.
Britannia saw sequential inflation of 10% and 20% YoY driven by cashew (up 35%), refined palm oil (up 26%), corrugated boxes (up 21%) and laminates (up 20%).
Gross margin slipped to 38.5% (down 321 bps), resulting in Ebitda margin at 15.7% (down 97 bps).
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
RECOMMENDED FOR YOU
POPULAR